Global crude steel production soars
05 December 2017
The World Steel Association (WSA) has reported that the world crude steel production soared this past October resulting from a higher output from India, China, Japan, and the United States.
Production in the United States rose by 12% year-over-year (YOY) in October, and China manufactured 72.4 million tons (MT) in the same month, a 6.1% year-over-year increase and 10 times more than the USA did that month. India, on the other hand, produced 8.6 MT of crude steel in October, up by 5.3% to 8.6 MT.
Industry insiders are considering this rise as an indication that the steel sector is well on its way to making a comeback. There is also some competition between the four steel giants: the United States, China, Japan, and India with the latter country currently the leader in stainless steel production, although the United States is reported as being not far behind.
The WSA tracks steelmakers in 66 countries globally, representing about 85% of total steel production, and has said in this report that world steel production increased 5.9% year-over-year to 145.3 MT in October 2017.